Company Coverage
WHA Corporation (WHA TB): 3Q26 Preview: Improved Land Transfer Mix To Drive Earnings Growth
BUY (Maintained)
Current price:
Target price:
Upside:
Bt4.88
Bt6.10
25.00%
Analyst
Analyst
Panjarat Thaweesriprasert
Highlights
- We expect WHA to post 3Q26 core earnings of Bt936m (+28% yoy, +55% qoq).
- ESIE 5 is set to contribute its first land transfers in 3Q26, supporting higher average selling prices and gross margins.
- Maintain BUY with an unchanged target price of Bt6.10.
Analysis
- Earnings to grow yoy and qoq. We expect WHA Corporation (WHA) to report 3Q26 core earnings of Bt936m, up 38% yoy and 55% qoq. The improvement is mainly driven by higher average selling prices (ASP) and stronger gross margins from industrial land transfers. This reflects the commencement of land transfers from WHA Eastern Seaboard Industrial Estate 5 (ESIE 5), which carries higher selling prices and margins.
- Revenue to increase yoy and qoq. We expect 3Q26 revenue to reach Bt2.8b, up 46% yoy and 13% qoq. The improvement is mainly supported by higher industrial estate revenue, driven by higher land transfer volumes and ASP. Meanwhile, recurring revenue should continue to grow, supported by higher utility sales volumes and sustained momentum in the logistics business.
Highlights
- We expect WHA to post 3Q26 core earnings of Bt936m (+28% yoy, +55% qoq).
- ESIE 5 is set to contribute its first land transfers in 3Q26, supporting higher average selling prices and gross margins.
- Maintain BUY with an unchanged target price of Bt6.10.
Analysis
- Earnings to grow yoy and qoq. We expect WHA Corporation (WHA) to report 3Q26 core earnings of Bt936m, up 38% yoy and 55% qoq. The improvement is mainly driven by higher average selling prices (ASP) and stronger gross margins from industrial land transfers. This reflects the commencement of land transfers from WHA Eastern Seaboard Industrial Estate 5 (ESIE 5), which carries higher selling prices and margins.
- Revenue to increase yoy and qoq. We expect 3Q26 revenue to reach Bt2.8b, up 46% yoy and 13% qoq. The improvement is mainly supported by higher industrial estate revenue, driven by higher land transfer volumes and ASP. Meanwhile, recurring revenue should continue to grow, supported by higher utility sales volumes and sustained momentum in the logistics business.
BUY (Maintained)
Current price:
Target price:
Upside:
Bt4.88
Bt6.10
25.00%
Analyst
Analyst
Panjarat Thaweesriprasert
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This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at this link, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.
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